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Japan's Economy Grows At Fastest Pace In Nearly 3 Years

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Japan's economy grew at an annualized pace of 5.9 percent in the first quarter, posting its fastest http://www.kiwibox.com/fletcherwdjq/blog/entry/114627577/amber-portwood-wants-farrah-abraham-fired-from-teen-mom-n/?pPage=0 growth in almost three years as a rise in consumer spending ahead tapes of an April sales tax hike boosted activity, data on Thursday showed. The number was well above analyst expectations in a Reuters poll for a 4.2 percent rise. Measured on a quarterly basis, Japan's economy grew 1.5 percent, beating expectations for a 1 percent increase. Read More Why China's economy is still lagging Japan "A 5.9 percent increase means that people have not been buying only toilet paper, they've been buying all sorts of things and a lot of things," said Martin Shulz, a senior economist at the Fujitsu Research Institute in Tokyo. "They are not just storing things but preparing a big consumption binge which helps the economy," he told CNBC. Tomohiro Ohsumi | Bloomberg | Getty Images Shoppers and tourists walk through a shopping street in front of the Sensoji temple in Tokyo, Japan. Japan raised its consumption tax to 8 percent from 5 percent in April. While a ramp-up in spending before the tax hike boosted the economy in the first quarter, economists have anticipated a slowdown in growth in the months ahead as the consumption tax bites. Read more: http://www.cnbc.com/id/101674023?doc=101674023%7cJapan's%20grows%20at%20fastest